समाचार Samāchār · Business · 3 November 2026

NSE’s first results as a listed company: up 23% on a year, down 17% on a quarter

Last year’s ₹1,297 crore Sebi provision flatters the annual number. Cash market volume grew 24%. Options premium grew 3%.

The National Stock Exchange reported its first results as a listed company on Tuesday. Consolidated net profit for the September quarter was ₹2,578 crore, about $270 million. That is 23% more than a year ago. It is also 17% less than the June quarter. Both numbers are correct. Only one of them describes the business.

The annual number has help. Last year’s quarter carried a ₹1,297 crore provision for the Sebi settlement on the colocation and dark fibre matters. Expenses fell 51% to ₹1,161 crore because that charge did not repeat. Revenue from operations rose 11% to ₹4,067 crore. Against the June quarter it fell 10.8% from ₹4,560 crore. The EBITDA margin slipped to 75.7% from 77.9%.

The mix is the useful part. Cash market daily turnover rose 24% to ₹1,18,377 crore. Equity options turnover by premium rose only 3% to ₹47,977 crore. Transaction charges are still about three-quarters of revenue at ₹3,035 crore. Listing revenue rose 70% to ₹150 crore. Data feed revenue rose 43% to ₹165 crore. Both lines are small. Both are growing faster than the core.

The state takes more from this market than the owners do. NSE reports ₹41,234 crore contributed to the exchequer in the first half. Securities and commodities transaction taxes make up ₹34,788 crore of that. Its own first-half net profit was ₹5,698 crore.

CEO Ashishkumar Chauhan called the quarter momentous because of the listing. The board approved selling up to 40% of its National Coal Exchange of India subsidiary in a secondary sale. NSE also facilitated India’s first tokenised bond issues, ₹1,000 crore in all. The shares closed near ₹1,803 on the BSE before the numbers came out, against an IPO issue price of ₹1,785.

What a founder takes from it: Listing revenue up 70% says India’s public markets are open to builders who are ready. Read results the way you read this one: strip out last year’s one-offs, then look at what grew.